The Eyak Corporation Reaches Settlement with U.S. Department of Justice
Anchorage, Alaska (December 15, 2014): The Eyak Corporation (Eyak) has reached a global settlement with the U.S. Department of Justice and the U.S. Army Corps of Engineers to resolve all potential claims relating to a bribery and kickback scheme at the U.S. Army Corps of Engineers.
After careful assessment, Eyak believes a global settlement is in the best interest of all Eyak shareholders, the company and the Federal government. Eyak is proud of its long history of providing valuable services in supporting the critical missions of many agencies of the Federal government and continues to be a responsible government contractor.
Rod Worl, Chief Executive Officer of Eyak, said he is pleased to put this unfortunate incident in the past. “Pursuing any avenue other than a global settlement would have potentially damaged our relationship with an important business partner and may have led to a lengthy, costly court battle. We are glad this chapter is over and are ready to turn the page.”
Eyak continues to be vigilant in building on the framework of its Compliance and Ethics program, which emphasizes the utmost importance of ethical behavior through third party internal audits and regular ethics training for all employees. An ethics hotline, monitored by an independent third party, is also in place.
Eyak President Nancy Barnes said Eyak is a strong and resilient company, much like its shareholder founders and ancestors. “We are a substantial, stable and secure company that understands hard work equals growth and success. Our future is bright.”
Eyak’s Board of Directors takes very seriously its mandate to return benefits to its shareholders. Since its inception in 1973, The Eyak Corporation and its Alaska Native Settlement Trust have paid $39.7 million in distributions and dividends to its Alaska Native shareholders. This is equal to more than $121,000 per shareholder (holding 100 shares).
The Eyak Corporation is an Alaska Native Village Corporation formed under the Alaska Native Claims Settlement Act (ANCSA). The corporation’s mission is to return financial benefits to present and future shareholders through the development of economic opportunities and growth of assets while protecting the ownership of ANCSA lands and Native cultural heritage. More information can be found at www.eyakcorporation.com.